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PIABA: Finra proposal to ease oversight of brokers' outside activities would spur selling away

October 4, 2018

A Finra proposal to ease requirements for brokerages' oversight of their registered representatives' work outside the firm will create a regulatory "black hole" and lead to more investor rip-offs, according to new report from securities attorneys....

Discrimination claim filed by ex-Morgan Stanley rep sent to arbitration

October 4, 2018

In February, a black former Morgan Stanley registered rep sued the wirehouse, saying he was terminated following a "campaign of harassment," even after the settlement a decade ago of a class-action discrimination lawsuit. A federal judge on...

How Ohio National's move may lead to 'unscrupulous' broker behavior with annuities

October 4, 2018

Ohio National Financial Services Inc. recently told broker-dealers it would be terminating trailing commissions on some of its variable annuities, which has led experts to fear that the insurer's action will cause unscrupulous behavior among...

Settlements at old Schorsch REIT could cost shareholders $730 million

October 3, 2018

Vereit Inc., a net lease real estate investment trust, could be on the hook for as much as $730 million in settlement payments stemming from an accounting scandal four years ago when the company was controlled by Nicholas Schorsch, the former...

Stifel subsidiary acquires $1.3 billion San Francisco-based RIA

October 2, 2018

1919 Investment Counsel, a subsidiary of Stifel Financial Corp., has acquired San Francisco-based independent registered investment adviser Rand & Associates, which manages approximately $1.3 billion in client assets. "The Rand acquisition gives...

Finra CEO Robert Cook cautions industry not to take comfort in sharp drop in fines last year

October 2, 2018

Finra chief executive Robert W. Cook cautioned the financial industry Tuesday not to take comfort in the recent sharp drop in total fines imposed by the regulator. The Financial Industry Regulatory Authority Inc. levied $173.8 million in fines...

Benjamin F. Edwards & Co. has been picking off Wells Fargo brokers for years

October 2, 2018

Wells Fargo Advisors has lost hundreds of brokers and advisers over the last two years to rivals in the wake of scandals at its parent bank, but one firm, Benjamin F. Edwards & Co., has perhaps the greatest long-term success in recruiting advisers...

Ohio National to end brokerage arrangements, eliminate adviser compensation on variable annuities

October 2, 2018

In what is believed to be a first-of-its-kind move among insurers, Ohio National Financial Services Inc. has informed broker-dealers that sell its variable annuities that it will terminate servicing agreements and cut off trail commissions by...

Sanctuary Wealth Partners rolls out red carpet for breakaway brokers

October 1, 2018

Sanctuary Wealth Partners has signed its fifth advisory team in as many months, bringing its total assets under to management to $5.5 billion. The Indianapolis-based hybrid RIA announced Monday the addition of RiceBarrett Family Wealth, a $240...

What's at stake with a branch audit?

October 1, 2018

Each year, or every couple of years at offices on a lighter schedule, your home office (or branch manager/office of supervisory jurisdiction) sends out an auditor to go over all of your files. Typically, the auditor is friendly and seems quite...

Merrill Lynch no longer will accept penny stock trades

September 28, 2018

With the Securities and Exchange Commission cracking down on penny stocks, Merrill Lynch recently told its clients and financial advisers that it is putting restrictions on the purchase and sale of a large swath of low-priced securities. "To...

New Jersey brokers expect industry will push back against fiduciary rule proposal

September 27, 2018

New Jersey brokerage executives expressed consternation over adding another layer of regulation by requiring them to adhere to a fiduciary standard, predicting officials will face stiff headwinds in getting it across the finish line. "The state...

New Jersey fiduciary rule could be first of many among states post-DOL

September 26, 2018

New Jersey's push for a fiduciary rule governing brokerage firms in the state could be the first of many similar rules issued by other states following the death of the Department of Labor's fiduciary regulation earlier this year. New Jersey...

Trump said 'you're fired' to this adviser on TV in 2005, then LPL fired him for real in 2018

September 25, 2018

Thirteen years ago, financial adviser Mark Lamkin was "fired" by Donald J. Trump on the hit reality television show, The Apprentice. Last month, he was fired — for real — by LPL Financial, his broker-dealer. "In this boardroom, we've never...

Will Merrill Lynch leave the broker recruiting protocol?

September 25, 2018

Will Merrill Lynch leave the broker recruiting protocol? This is, by far, the question I have been asked most frequently during 2018. Let's examine the issues. In the fourth quarter of 2017, both UBS and Morgan Stanley departed the protocol,...

Finra educates examiners on broker business models to improve oversight

September 25, 2018

One frequent complaint brokerages have about Finra exams is that the examiners don't understand the business. The regulator is addressing that lack of knowledge, said Bari Havlik, Finra executive vice president for membership supervision. "Finra...

TD Ameritrade fined $500,000 for failing to report advisers' suspicious activities

September 24, 2018

The Securities and Exchange Commission fined TD Ameritrade Inc. $500,000 on Monday for failing to file certain required suspicious activity reports after the firm halted business with 111 independent investment advisers. Broker-dealers such...

What advisers get wrong about investors

September 24, 2018

Investors are a diverse group — much more so than standard tropes might suggest — and this diversity has big implications for financial advisers, ranging from how they search for clients to the financial recommendations they make, according...

LPL video about private equity looks like a swipe at Cetera

September 21, 2018

LPL Financial appears to be dissing its rivals, including Cetera Financial Group, in a video that is making the rounds of social media sites such as LinkedIn with the title, "How Financial Advisers Can Be Impacted by Private Equity Ownership."...

Ladenburg chairman Phillip Frost steps down

September 21, 2018

Dr. Phillip Frost, who was charged this month with fraud, said Thursday evening that he was retiring as non-executive chairman of Ladenburg Thalmann Financial Services Inc. Dr. Frost and nine other individuals were charged Sept. 7 in a Securities...

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